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Board Chair Robyn Denholm, in a letter Monday, asked shareholders to vote for CEO Elon Musk’s nearly $1 trillion pay package ahead of the company’s annual meeting.
Denholm said Musk was key to the future of the EV maker as it moves beyond being “just another car company,” with a bigger focus on Full Self Driving and Optimus.
“Without Elon, Tesla could lose significant value, as our company may no longer be valued for what we aim to become,” Denholm wrote.
Several groups have publicly opposed the pay package in recent days, with proxy advisor Institutional Shareholder Services recommending against it.
